Hot stock: Singapore Myanmar Investco up 24% after news of crypto cloud mining MOU

SHARES of Singapore Myanmar Investco Y45 were up on Friday, after the company on Thursday night announced it has signed a comprehensive non-binding memorandum of understanding with China-based Internet company The9 to launch a cryptocurrency cloud mining business.

As at 9.01am, shares of the investment company were at 16 Singapore cents, up 3.1 cents or 24 per cent, with some 3.1 million shares changing hands.

No married deals were recorded according to ShareInvestor data.

Shares of the counter later eased to 15.2 cents at 11.45am on Friday, up 2.3 cents or 17.8 per cent.

In a statement on Thursday, Singapore Myanmar Investco said it will develop a cryptocurrency cloud mining platform focused on three types of cryptocurrencies - Bitcoin, Filecoin and Chia - with The9, which it had entered into a subscription agreement with in June.

The company added that it plans to launch the business in the fourth quarter of 2021 and will host it in a range of facilities across Canada, the US, central Asia and the South-east Asia region.

Singapore Myanmar Investco also announced it had entered into a cooperation and support agreement with cryptocurrency cloud mining software-as-a-service (SaaS) company Hang Zhou Suan Li Technology.

The agreement will allow the company to purchase up to 4,000 crypto mining machines, and get technical support services from Hang Zhou Suan Li Technology for an initial five-year term, with an option to extend for another five years.

Earlier in July, shares of Singapore Myanmar Investco also surged after the company said it would pivot its direction to include cryptocurrency, SaaS and other high-tech platforms.

The investment company is on the Singapore Exchange's watch list.